Define and Explain the Differences Between: Sole Proprietorships Companies Partnerships Joint Venture Companies In...
Define and Explain the Differences Between: Sole Proprietorships Companies Partnerships Joint Venture Companies In terms of the following: 1. Legal Status 2. Dividend Payment 3. Voting Rights 4. Liquidation
Homework Answers
| Parameters | Sole Proprietorship | Partnership | Joint venture |
| 1. Legal status | No separate legal entity, distinct from its owner. | It is governed by partnership act and is not a legal entity. | It is not a legal entity. |
| 2. Dividend payment | They cannot pay dividend, because they don't issue shares. | They cannot pay dividend, because they don't issue shares. | Dividends are paid by joint venture companies. |
| 3. Voting rights | Decisions made independently by owner himself. | Normally one vote per person. | Voting rights in joint venture depends on different types of shares and class of shares isssued by them. |
| 4. Liquidation | A sole proprietor can liquidate his firm any time, as he is the owner and the liability is limited to him. | A partnership is is liquidated in 3 steps, in order to pay off the debt. It requires consent of all partners or it can be forced by creditors. | A joint venture can be liquidated by words of parties, at will or by conducts. The creditors are first paid off and then the remaining fund is distributed among them. |
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